
Chapter 14 Flashcard
Flashcard
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Business
•
University
•
Hard
Wayground Content
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10 questions
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1.
FLASHCARD QUESTION
Front
The three essential financial statements are: Income Statement, Balance Sheet, and Cash Flow Statement
Back
Income Statement, Balance Sheet, and Cash Flow Statement
2.
FLASHCARD QUESTION
Front
The Income Statement...
Back
shows whether the difference between revenue (sales) and expenses (costs) is a profit or a loss over a given period.
3.
FLASHCARD QUESTION
Front
The Balance Sheet...
Back
shows a "snapshot" at a particular point in time of what the company has today (assets), how much it owes (liabilities), and what it is currently worth (shareholder equity).
4.
FLASHCARD QUESTION
Front
The Cash Flow Statement...
Back
tracks the movement of cash into (cash inflows) and out of (cash outflows) the company over a specific period of time.
5.
FLASHCARD QUESTION
Front
One way to help keep a positive cash flow is...
Back
collect cash as soon as possible.
6.
FLASHCARD QUESTION
Front
True or False? As long as your Income Statement is correct and checked every day, you don't really need a Balance Statement.
Back
False
7.
FLASHCARD QUESTION
Front
On the Income Statement, if revenues are greater than expenses, then...
Back
the balance will be positive, showing that the business is profitable.
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